Minneapolis, MN
Buy-now-pay-later had record Cyber Monday, but that was just gravy for Minneapolis-based Sezzle
Here is what Youakim said, edited for length and clarity, about the company’s approach to growth and the holiday shopping season.
It was a good holiday season. Fourth quarter is always our biggest quarter, in terms of volume.
[But] this is a dynamic that people don’t understand about our business: If a customer fails to make a payment to us, we don’t allow them to make another purchase, and that’s completely opposite of a credit card, in my mind.
There’s a totally different approach to the holiday season between Sezzle, buy-now-pay-later and credit cards. We want to stop people from overspending. We want, of course, to help you in your holiday season, but we’re also actively trying to stop you from overspending. We might pull back limits in some cases. If a customer overspends too much and then fails to pay us, there’s always a percentage chance that some of those customers don’t want to pay us back at all ever. And we lose a customer.
What is Sezzle doing to safeguard against the financial risk of short-term lending?
Some of it’s a little bit inherent in the product. Because the product itself, even though it’s short term and smaller dollar, it’s high frequency, and if the consumer fails to make a payment, they can’t make another purchase. So we tend to be top of their repayment stack because they don’t want to lose the utility of the product. We do a little bit of pullback [of credit limits] in the holidays, which plays into that, as well.
Those new products — Premium, Anywhere, On Demand — those are all fast-rising products that are built to capture more demand. We already know Premium and Anywhere are there. On Demand, we’re learning about — is it the next killer product for us? And the more of these products where you kind of hit the nail on the head for customer demand, the more likely you gain market share.
Minneapolis, MN
Reform, money and trust: Council members’ key criteria for Minneapolis’ next police chief
Minneapolis leaders agree the next police chief is a critical choice, but it remains unclear whether the mayor and City Council can align on a candidate.
Mayor Jacob Frey declined an interview on the topic after announcing the hiring process and timeline earlier in the week. But 5 EYEWITNESS NEWS spoke with City Council Member and Public Health, Safety & Equity Committee Chair Jason Chavez and Council Member LaTrisha Vetaw, the prior Public Health, Safety & Equity Committee Chair.
All agree the police chief is one of the most important roles in Minneapolis.
Asked what it would take to get enough members on board with a candidate so that they can be confirmed, Council Member Vetaw said, “I think we’re figuring some of those things out, but what I hear from all council members is someone who’s strong on reform and wants to actually get reforms done right.”
Vetaw added that the next permanent chief should also have a strong record on slowing overspending.
“We need somebody who’s really going to reel that in and handle our money with care. I think those are two things that I hear from all of my colleagues,” she said.
Brian O’Hara resigns as Minneapolis police chief after report shows he interfered with investigation into his conduct
Asked the same question, Council Member Chavez agreed on key candidate criteria, but he expressed less confidence in the hiring process.
“Well, I mean, I’ve cleared out — I’ve laid out some of the things that I would like to see in a candidate,” Chavez said. “And then I want us to feel included in this process, so they can hear our feedback, and I want there to be robust community engagement. I don’t think that it’s oppositional to this plan. I guess my only thing is I want to make sure that all 13 members are included in this process.”
“I really care about community engagement, I really care about the criteria, and I want to make sure that the police chief that comes into Minneapolis is strongly committed to police accountability,” he continued.
“People want transparency and accountability. They want someone who can speak to the community, and it’s truthful,” Vetaw said.
“Like, we’re all looking for the same kind of leader.”
The question comes as Community Safety Commissioner Todd Barnette, as the head of the department overseeing MPD and nominated by Mayor Frey in April, remains without enough City Council votes to be reappointed. Vetaw supports Barnette, while Chavez does not.
Vetaw said the lack of agreement over Commissioner Barnette is not an omen for the process of hiring a new MPD chief.
“I don’t believe that what’s happening with the commissioner is a direct reflection on the process for searching for a new chief. I think this council certainly separates those two,” she said.
“Do I want to move fast? Absolutely not. I want to move at a pace where we get the best person for the job … and I think we all want that. This is one of the most important roles in the city of Minneapolis.”
Chavez said he hopes the process leads to a chief he can support.
Asked if he believes he’ll be able to put his vote behind the candidate ultimately nominated by the mayor at the end of the process, Chavez said, “I would hope so.”
“And I want to be able to vote for a chief,” he continued. “I just think that we have to make sure that there’s a robust process that includes all council members, and that ensures that the voices of our community are not being left out.”
Former Chief Brian O’Hara was unanimously confirmed in 2022, though the council had a few different members at the time.
In a statement, a spokesperson for Mayor Frey said, “Mayor Frey has been very clear that the search for a new police chief will be a collaborative process that includes community, City staff, and Council Members.”
5 EYEWITNESS NEWS will continue tracking the selection process, including its cost to taxpayers.
Minneapolis, MN
Minneapolis City Council approves 5-month pause on data center development
Minneapolis City Council members approved a five-month pause on new data center development Thursday.
The moratorium does not apply to smaller data centers located downtown that are less than 350,000 square feet.
The Minneapolis City Council voted to temporarily halt new data center projects while city staff study regulations and examine concerns about environmental impacts, energy use and public safety.
The vote comes as opposition to data center projects has surfaced in communities across Minnesota.
In Elk River, Minnesota, this week, the city’s planning commission recommended against a proposal that would pave the way for a data center, despite the fact advocates said the project could generate an estimated $800,000 in additional revenue.
In Inver Grove Heights, Minnesota, a packed city council meeting erupted in boos after officials delayed a final vote on a proposed data center. The vote is now scheduled for Friday.
The issue has drawn strong opinions in Minneapolis.
At a Minneapolis committee meeting last week, a vocal majority spoke out in favor of the pause. Labor groups highlighted the construction jobs data centers can provide, while residents raised concerns about neighborhood impacts and whether the facilities would benefit local communities.
Councilmember Soren Stevenson said residents throughout Minneapolis have been clear in their opposition to additional data center development.
“My constituents and people from across this city are so, so clear that they don’t want data centers at all,” Stevenson said.
Supporters of the moratorium said the temporary pause will give city officials time to study the industry and develop regulations before additional projects move forward.
Council Member Aurin Chowdhury argued that data centers have had disproportionate impacts.
“That industry has shown over and over again negative impacts, especially in communities of color and communities that have been impacted by environmental injustice,” Chowdhury said.
Opponents of the pause warned the move could discourage future investment in Minneapolis and send the wrong message to businesses considering projects in the city.
Councilmember Linea Palmisano said the moratorium could undermine efforts to attract economic development at a time when residents are facing higher property taxes.
“We send a message to the business community that they aren’t important or supported by this council,” Palmisano said. “We send the message that we don’t want their investment.”
The measure now heads to Mayor Jacob Frey, who plans to spend the next several days reviewing the ordinance before deciding whether to sign it, a spokesperson said.
Minneapolis, MN
MN weather: Pleasant Thursday before major heat arrives
Sunshine and comfortable temperatures return Thursday before a weekend warm-up sends highs into the 90s. Heat index values could reach the triple digits early next week. FOX 9 meteorologist Jared Piepenburg has the forecast.
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